Entrepreneurship and Small Business Management

This document discusses the types of entrepreneurial ventures and their relation with entrepreneurial typology. It also explores the similarities and differences between entrepreneurial ventures and the impact of micro and small businesses on the economy. Additionally, it highlights the importance of small businesses and start-ups in the growth of the social economy.

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Types of Entrepreneurial ventures and its relation with Entrepreneurial Typology.........3
P2 Similarities and Differences between Entrepreneurial ventures.......................................7
TASK 2............................................................................................................................................8
P3 Impact of Micro and Small businesses on Economy........................................................8
P4 Importance of Small businesses and Start-ups in growth of Social Economy................10
TASK 3..........................................................................................................................................11
P5 Traits and Characteristics of Successful Entrepreneurs..................................................11
P6 Aspects of Entrepreneurial personality reflecting entrepreneurial mindset and motivation12
TASK 4..........................................................................................................................................13
P7 Personal life and background that foster or hinder entrepreneurship..............................13
CONCLUSION..............................................................................................................................16
REFERENCES..............................................................................................................................17
Books and Journals...............................................................................................................17

INTRODUCTION
Entrepreneurship is the process and manner of running and carrying a business in a way
that have significant impact over economy, society and many other aspects or factors inclusively,
that result inn holistic development of society and country both. When efficient Entrepreneurial
management are seen in small businesses enterprises, their stories become exemplary in many
senses (Doern, 2017).
In this order, report have studied many aspects related to small businesses,
entrepreneurship and entrepreneurs themselves. Starting from understanding meaning of
different terms, report discusses types and differences of entrepreneurial ventures with their
impact over entrepreneurial typology, followed by economic and social impacts of small
businesses. Taking example of Zuber and Mohsin Issa, founder of EC group, report also studies
behavioural traits of successful entrepreneurs, studying how impact of their personal life seen in
thought process and mindsets of successful entrepreneurs.
TASK 1
P1 Types of Entrepreneurial ventures and its relation with Entrepreneurial Typology
Entrepreneurs are those individuals who have a business idea in their mind. They intends
to being that idea into reality through their innovation skills and business skills, in such a way
that they could benefit society, from new product innovations and also could seek growth for
themselves. The process that is reflected while pursuing this ambition by entrepreneurs is called
Entrepreneurship (Hogan, Hutson and Drnevich, 2017). In this process, Entrepreneurs while
fulfilling their goals and ambitions take various steps, actions and decisions which are called
Entrepreneurial activities. In this order, it becomes necessary for Entrepreneurs to give a name to
their visions and business which then becomes their Enterprise.
However, Entrepreneurs must not be confused with Intrapreneurs. Intrapreneurs are those
persons who have been given task to develop a new product or technology by any other
individual or business. These people are those who have been hired and paid to make
developments. Whereas, Entrepreneurs are those who develop new product and services to
establish their own business. Basic difference between an Intrapreneur and Entrepreneur is that
Entrepreneurs have a vision to fulfil whereas, Intrapreneur just render a service.

By the time, new inventions and methods are developed to fulfil goals of
entrepreneurship and requirements of entrepreneurs which have been developed as
Entrepreneurial ventures or Entrepreneurship models. Few most common of these models are
discussed in the report.
Small Business Entrepreneurship- Small business entrepreneurship, as evident from the name
are type of businesses operated at small scale. This entrepreneurship have their profounder as
one who does not have very big ambitions and visions. They want to operate businesses on a
scale where they can seek basic and sustainable profits, which could help their incomes as well
as business operations costs. There are no new innovations are included and neither these
businessmen have vision to benefit society and offer some distinction to existing business orders.
Examples in these type of entrepreneurial ventures include grocery shops in a locality, barber
shops, mobile retail shops etc.
Large Company Entrepreneurship- These are type of Entrepreneurial ventures who operate on a
very large scale. Generally these companies have many sorts of businesses under one name and
include many subsidiaries and amalgamated enterprises under their name. These companies have
have big ambitions and visions inherited in business idea and operations. Also, they include will
to bring new innovations and contributions in market for their customers and society
(Madzimure, 2020). Scale of operations of these businesses is spread across multiple countries.
Influence of these businesses in economy of their country of origins is also very high. These
companies include tycoons like Google, Microsoft, Tesco plc etc.
Scalable start-up Entrepreneurship- Start-ups are businesses motivated by multiple factors.
These factors involves innovations, business skills, will to contribute in society, seek high
growth and prosperity for business and themselves and for their supporters and employees
working for them. Start-ups can be said as future large companies, because their visions is
matchable with large companies, but the stage at which these start-ups exist at present time is
just beginning. Many of these start-ups have businesses based on technology. Their scale of
operation at beginning is very nominal, mainly due to absence of large capital to support
advertising and fight competition. All they have is new innovations and willpower to achieve
high growth. For this they are in search of investors and markets. Example in this context of
entrepreneurship include Instagram, Uber etc.

Innovative entrepreneurship- Innovative entrepreneurship are those business enterprises who
have reflection of some new developments and innovative products in business operations.
Innovative business enterprises could be termed as mixture of start-ups and large companies. In
fact, some of them are businesses only who were start-ups in their initial stages only. With strong
will power, good vision and hard-work of their pioneer and employees, these businesses have
grown on a very large scale by the time. Examples of these entrepreneurship models include
YouTube, Facebook, Alibaba etc.
Researcher Entrepreneurship- Researcher entrepreneurship businesses are conceptualised by
those entrepreneurs who are aspired to become very sure about all the factors involved in starting
the business, all requirements that are needed, how come their business can be negatively and
positively affected and what are scopes of growth and profitability in market. Entrepreneurs in
this type of entrepreneurship answer these questions through extensive and elaborated research.
Also their research is helpful is answering many marketing and consumer oriented questions like
proper segmentation of consumers, categorising products as per demand potentials and many
more questions (Jalilov, Annayev and Mukhammedov, 2018). In this way, these entrepreneurs
believe in minimising risks for their business. Investing this much time over research and sources
offer strain on resources of these businesses but since they are able to mitigate risks for long run.
Therefore, different type of entrepreneurial models are helpful in meeting requirements of
different category and standards of entrepreneurs, either having small or large amount of capital
and whether new or traditional business skills.
Relation with Entrepreneurial Typology
Growth typology- Through Growth typology, entrepreneurs helps bringing such products in
society, supported by their innovations and business skills which help in overall development of
society. Like through new products and services, which are innovative by all means and offer
such ends which is efficient and cheaper as well. These enterprises also help raising standard of
living of people in their area or country of operations by providing them with job opportunities
and by using their services and products in their business operations. In this manner these
businesses brings overall growth in society. Innovative entrepreneurship and scalable start-ups
are most helpful in this way.
Lifestyle typology- Lifestyle typology is the typology which talks about when businesses brings
such product or service or any output derived from their business changes according to new

trends and developments of modern market demands, which could bring a change over to the
lifestyle of people in whole manner. This can be done by businesses in multiple manner like by
offering new products and services, providing more and more income opportunities, generating
prospective and ambitious narratives in society etc. Strong image of founders and pioneers of
businesses enterprises like Elon Musk and Mark Zuckerberg, can be most helpful in giving
direction and growth prospects to wilful entrepreneurs (Hutchinson, 2017).

P2 Similarities and Differences between Entrepreneurial ventures
Similarities Differences
Motive All businesses and types of
entrepreneurial ventures
existing in society have one
similar motive at best, that is
profit motive. No business can
survive in business
environment without growth
and profits, needed in running
business operations and for
income of entrepreneur. Thus
it is necessary for all types of
businesses.
Motives, other than profits are
seen differentiated between
different types of
entrepreneurial ventures. Like,
for Research entrepreneurship
other motives include
mitigating the risk. Similarly,
for start-up other objectives are
new innovations and social
contributions.
Scale of operations Similarities in this context is
that, it is imperative for every
business enterprise to have a
scale or a level of their
operations. There should be a
market to serve, there has to be
consumers to offer product and
through which profits could be
sought.
However, businesses differs in
their scale and level of
operations. For example, Small
businesses entrepreneurship
have a particular locality to
serve. Whereas, large
companies are spread across
seas. Also, large companies
offer various kinds of products
serving diversified market
needs.
Level of innovations All business enterprises have
some sort of innovations, that
makes them distinctive to
other type of enterprises. Small
businesses may not seem
Large companies, Innovative
entrepreneurship and Scalable
start-ups possess most qualities
of innovations, which is seen a
little lesser in small businesses,

having innovation but there
too entrepreneurs run these
businesses with their
individual skills.
research entrepreneurship and
social entrepreneurship,
mainly.
TASK 2
P3 Impact of Micro and Small businesses on Economy
Micro and Small business enterprises levies a very good significance over economy of an
area, especially in their region of operation and areas nearby to those region. As their scale of
operation is small, attributed to small capital investments and also product and service they offer
belong to niche products mostly. This their products and services are helpful for many large
enterprises so that large enterprises do not need to invest time and money in manufacturing niche
products and they can easily source it from small businesses. Also, there are many small business
units operational in a region or multiple region across country, therefore multiple units provide
many job opportunities and demands services over numerous units. Catering these demands of
small businesses numerous units as well as opportunities offered by them spur huge growth
prospects across a country.
Considering, these benefits UK government is seen encouraging establishment of Small
business enterprises strongly, in large number. Besides their good impact in socio-economic
manner, small enterprises are beneficial for government as it expands tax base for government,
grow demand and income levels, increase credit creation and money flow in economy, also they
are helpful in boosting exports.

Above illustration in picture highlights impact and significance of small businesses in
economy of UK. As per the data provided, in two categories of Innovator small businesses and
exporter small businesses enterprises, share of units is higher. This gets helpful for economy in
multiple ways, considering Innovator enterprises, with share of nearly 30%, they are supportive
in generating technological spur in society, paving wave of technology in society and offering
technological support to allied sectors as well. Similarly, Export based small businesses are
helpful in multiple ways. With share of nearly 33% in total enterprises of UK, they boost
manufacturing spirit, offers products and services of UK across borders and most importantly
fetch foreign currencies, increasing Foreign exchange reserve of country.
Illus
tration 1: Impact of Small businesses on UK economy

P4 Importance of Small businesses and Start-ups in growth of Social Economy
Developers and founders of Start-ups do not only have intention of seeking growth in
business and high profits thereon. But they do will to make social contributions, which they
consider as their moral responsibility. Entrepreneurs thinks that businesses exists in society and
thus have moral responsibilities towards society. Through innovations and business skills they
object to fulfil so (Douglas and Pejoska, 2017). Few important contributions of Entrepreneurship
are discussed in report.
Rise in standard of living- This is one of the major contribution of new as well as existing
businesses towards society. There are multiple ways through which businesses give a positive
push towards standard of living of people. Firstly, a start-up or any business bring this change in
the area of their operation as well as surrounding areas. When a business unit gets set up in an
area it would require people to work for its business, be it skilled or unskilled. Therefore, job
opportunities will be created and interested job seekers in the area will be able to avail those
opportunities. Similarly, like requirement of people, a business will also have requirement of raw
materials, which will be fulfilled by business from markets of same locality because it will be
most feasible for businesses. In same manner odd services of plumbing, electrification etc. can
also be sought from same locality at ease. These are some of the basic examples through a star-
up or a new business rise standard of living of people by boosting their income and eventually
boosts economy of that area. However there are many other technical methods of boosting
economy like increased circulation of money, deposition of money in banks and increasing credit
limit of bank branch etc.
Bringing new products- Start-ups are mainly driven by new innovations and offering new
products in market. Innovators or developers looks at such needs of people, which is troubling
them the most. After identifying such needs, these innovators try and developing such products
which could help people in solving their problems in the most quickest and cost effective
manner. In this way start-ups fulfil objectives covering two ends from same string. In first stance
it brings up product for society which is helpful in solving problem of people (Haghighi and
Jalali, 2018). And, in the second stance it fulfils its business objective by increasing its sale of
product. This can be better understand from example of Swiggy. Swiggy is an online food
delivery application. Before such initiative was launched by this company, where it can bring
food at the door of customers after making an online order from the restaurant of their choice,

people had to go to at the restaurants and cafeterias to avail their food of choice. Swiggy
understood this problem of people as most of people finds it difficult to go at restaurants for
many reasons like tiredness after work or to avoid traffic or many more such reasons. Thus
Swiggy, offer them this service at their doorsteps, by collaborating with these restaurants on its
own.
Although, there are many other way, in which start-ups are helpful in improving social
economy. Most importantly by bringing attitudinal and behavioural changes in people by rising
ambitious perspectives either by offering them opportunities in this way or through image of
Entrepreneurs.
TASK 3
P5 Traits and Characteristics of Successful Entrepreneurs
Success of a business is driven by the qualities of their founders in running and carrying
out their business activities. Since, running a business is a complex process, where one needs to
make profits, coordinate between business goals and activities, establish coordination among
employees and managing different units of businesses and many other responsibilities. Thus, an
entrepreneur have to be efficiently versatile. By their qualities, entrepreneurs not only run
business well but also establish a good example in becoming torch-bearer for society (Krishnan
and Scullion, 2017).
Report have explored different qualities possessed by a successful entrepreneur, while
considering example of Zuber and Mohsin Issa, two brothers and founders of EC Group, running
multiple petrol stations and fast food outlets in Europe, United states and Australia.
Vision- All entrepreneurs keeps their one eye in present and one eye over the future. While
controlling their activities and operations in present time they always works in direction of what
they want to become one day in future and over to what heights they want to take their business.
Issa brothers earlier ran a garage business, but they knew that it was insufficient to fulfil their
aspirations and dreams. Therefore, they changed a direction little and availed their first petrol
station in 2001, and now there are more than 5000 such sites in their business possession running
successfully.
Versatility- Versatility means possession of different qualities of different types and talents in
one individual only. Entrepreneurs like Issa brothers need to have this quality to meet

challenging complexities of business. Through this achieve high profits, manage their units
establish coordination and motivates employees. They manifest themselves as economist as well
as leader.
Risk tolerance- There is a famous saying in business world that “No risk No gain”. Risk
comprises uncertainty of danger and opportunities both. Therefore, even opportunities can not be
availed without taking risk. Issa brothers took the risk of offering fast food outlets even when
there was too much existing competition. Issa brothers took that risk and now operating
successfully as third party retail for KFC, Subway, Burger king and many more.
Decisiveness- This quality is seen in almost all entrepreneurs like Issa brothers. Many studies too
suggests that successful entrepreneurs in past too have been decisive and believe in taking quick
and efficient decisions on right time in right direction (Naude and Chiweshe, 2017).
Motivation- Issa brothers and other successful entrepreneurs believe in shaping good thoughts
not in their own but also share it with other people, presenting themselves as leader and
businessmen both. They want to offer direction to people so they stays ambitious and
enthusiastic about their goals.
However, there are many other qualities like good management, leading balanced life,
collaborating with others, listening to people about their suggestions and advices and many more
traits that make businessmen an entrepreneur.
P6 Aspects of Entrepreneurial personality reflecting entrepreneurial mindset and motivation
This part of report have attempted to understand fact that how personality of an
entrepreneurs like Issa brothers levies impact over other people. It is known that Entrepreneurs,
who runs their businesses successfully possess some qualities which are of general good and
distinct in nature as well. When these qualities are posed to outer world, and many and many
people come to know about it, these Entrepreneurs become examples for everyone. This way Issa
brothers have motivated potential entrepreneurs as well people other people pursuing their
dreams. For this purpose report have followed OCEAN theory of personality to get better insight
about this matter of subject (Han, Zhang and Greene, 2017).
Openness- One thing that comes beautifully in notice when one goes through history of Issa
brothers, before and after inception of EC group is that both of these entrepreneurs were open in
their mind and always intended to diverge it through new knowledge and learnings, through
more creativity and new experimentations.

Conscientiousness- Particular features under this trait includes living a peaceful, healthy,
organised and highly thoughtful lifestyle. Issa brothers have always seen encouraging this order.
In their speeches, writings and actions they insisted people to adopt organised lifestyle and set
schedules, which would help them in being focused and calm.
Extroversion- Qualities of good socialisation, talkativeness, befriending people, greeting them
honourably are some qualities that fall under this category. According to Issa brothers, this
quality could help one learn about good and bad experiences and experiments of other people
and learn from their mistakes, cultivating better observation skills in individual.
Agreeableness- Agreeableness includes qualities of pro-social behaviour like trusts, compassion,
empathy and cooperation. Issa brothers in their personal and professional seen agreeing or
coordinating with their colleagues, employees, friends and other people to gain and seek trust of
others (Shaw, Wilson and Pret, 2017). Through this Entrepreneurs believes one becomes
cooperative, which is more important for self growth, rather than being competitive.
Neuroticism- Neuroticism reflects negative qualities of an individual, which is suggested by
successful entrepreneurs like Issa brothers to be better avoided, not to get successful only but to
become better human being. This factor manifests emotional instability of an individual like low
patience level, unscientific temper, anxiety and overthinking.
In this manner, vision and thought process of successful entrepreneurs like Issa brothers
reflects in their actions and decisions. And, help motivating other people also.
TASK 4
P7 Personal life and background that foster or hinder entrepreneurship
Personal life and experiences of life, from multiple sources like through family
background, learnings at earlier stages of life, education, friend circle, personal decisions and
experiments and experience through past businesses, helps shaping and designing ideas of an
individuals. Their imprints are so strong over individuals that its reflection could be seen for life
long. Even when a particular perspective and outlook that have been developed for individual
becomes outdated and do not fulfil current needs, its overhaul or eradication becomes difficult or
sometimes impossible (Mallett and Wapshott, 2017). Thus, their understanding, from point of
view of particular individual, Issa brothers in this case, is necessary as they could be biggest
driving force behind success or failure of an Entrepreneur. In this report, two influential

backgrounds for an individual are studied, one from personal and another from professional
background.
Family Background- Family background levies a very fairy and strong imprints over mind and
thought process of an individual. It is scientifically acknowledged that more that 90% of
development of human brain occurs at earliest ages of life. As, in these stages one lives mostly in
eyesight of parents and elderly people of family, their influences are much stronger for one.
Similarly the environment of family values and professions gets also levied strongly.
Considering the case of Issa brothers, both were born in United kingdom to Indian parents living
in UK from long and owned a Petrol station. Thus, it is well understood that Issa brothers would
have availed knowledge of different aspects of Petrol station business, to which they ultimately
mastered in future (Leitch and Volery, 2017). Also, influence of large industrial town of
Blackburn, UK, can not be avoided, where these brothers developed business insight more when
exposed to outer world.
Past businesses- Learnings from mistakes that one entrepreneur have made in its business
experiments of past are most impactful. It gives unforgettable insight to one which will reflect at
all point of time while making professional and personal decisions as well. Also, the
achievements sought in these businesses are encouraging and makes Entrepreneur more
competitive (Vinberg and et.al., 2017). In past business experiences, Issa brothers have history of
successful operation of a garage on lease, and from savings made by successfully running the
garage they bought their first petrol station. Joint efforts of both resulted such way that in not
more than 17 years, they announced acquisition of 762 conveniences stores in United states
(Deller, Conroy and Markeson, 2018). This reflect successful experiences from past have helped
Issa brother becoming more competitive and risk tolerant.
However, there are many other factors beside background of an Entrepreneur that
impacts its outlook and decisions, like advices from mentors and other business associates but
personal experiences and background are must stronger due cognitive aspects (Wegner and et.al.,
2017).

CONCLUSION
Evident from above discussion in report, Small businesses and Entrepreneurship can be
noted to be very significant on socio-economic factors. Considering economic impacts of small
business units, these businesses have huge potential in offering growth opportunities in terms of
job, innovation, new products, supporting allied sectors. From viewpoint of society,
entrepreneurship an small businesses are helpful in boosting ambitious and enthusiastic and
ambitious spirit in society. This is importantly done by Entrepreneurs, through their
entrepreneurial traits they offer direction to many young aspirants and ambitious people.

REFERENCES
Books and Journals
Deller, S. C., Conroy, T. and Markeson, B., 2018. Social capital, religion and small business
activity. Journal of Economic Behavior & Organization. 155. pp.365-381.
Doern, R., 2017. Strategies for resilience in entrepreneurship: Building resources for small
business survival after a crisis. In Creating Resilient Economies. Edward Elgar
Publishing.
Douglas, J. and Pejoska, A. L., 2017. Regulation and small business. Economic Round-up.
(2017). pp.1-19.
Haghighi, M. and Jalali, S. H., 2018. Strategic Alliance Formation from the Institutional Theory
Perspective. Journal of Business management. 9(4). pp.717-738.
Han, L., Zhang, S. and Greene, F. J., 2017. Bank market concentration, relationship banking, and
small business liquidity. International Small Business Journal. 35(4). pp.365-384.
Hogan, T., Hutson, E. and Drnevich, P., 2017. Drivers of external equity funding in small high‐
tech ventures. Journal of Small Business Management. 55(2). pp.236-253.
Hutchinson, K., 2017. Leadership and small business: The power of stories. Springer.
Jalilov, S. Z. U., Annayev, A. A. and Mukhammedov, M. M., 2018. SMALL BUSINESS AND
PRIVATE ENTREPRENEURSHIP-GUARANTEE OF SOCIAL AND POLITICAL
STABILITY. In International Scientific and Practical Conference World science (Vol.
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Krishnan, T. N. and Scullion, H., 2017. Talent management and dynamic view of talent in small
and medium enterprises. Human Resource Management Review. 27(3). pp.431-441.
Leitch, C. M. and Volery, T., 2017. Entrepreneurial leadership: Insights and directions.
International Small Business Journal. 35(2). pp.147-156.
Madzimure, J., 2020. Enhancing supplier integration through e-design and e-negotiation in small
and medium enterprises. The Southern African Journal of Entrepreneurship and Small
Business Management. 12(1). p.8.
Mallett, O. and Wapshott, R., 2017. Small business revivalism: employment relations in small
and medium-sized enterprises. Work, employment and society. 31(4). pp.721-728.
Naude, M. J. and Chiweshe, N., 2017. A proposed operational risk management framework for
small and medium enterprises. South African Journal of Economic and Management
Sciences. 20(1). pp.1-10.
Shaw, E., Wilson, J. and Pret, T., 2017. The process of embedding a small firm in its industrial
context. International Small Business Journal. 35(3). pp.219-243.
Vinberg, S. and et.al., 2017. Ambiguity among managers in small-scale enterprises: how to
handle business and workplace health management. Societies. 7(4). p.31.
Wegner, D. and et.al., 2017. Management practices of small-firm networks and the performance
of member firms. Business: Theory and Practice. 18. p.197.